Vincent Emmanuel, the owner of a 7-Eleven in South Philadelphia, is sending a warning to business owners in the area: keep an eye out for counterfeit $20 bills.
Emmanuel is sounding the alarm after his store recently lost more than $300 due to fake bills, according to 6abc Philadelphia.
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In a surveillance video submitted to police, a man can be seen walking into the store on 23rd Street and East Passyunk Avenue before handing over five $20 bills to top up his Cash App account. The cashier accepted the money and deposited $100 into the man’s account before the man exited the store.
However, the man returned just three minutes later with more counterfeit bills for his Cash App account — and by the time the cashier had realized the bills were fake, the store had already been scammed out of $320.
Now, Emmanuel is doing everything he can to get the word out to local business owners. "Those bills look better than the new ones, the real ones," Emmanuel shared with 6abc Philadelphia.
How counterfeit money hurts businesses
When a business accepts counterfeit money, that money cannot be deposited into any bank accounts, since the bank will scan the bills and likely discover that they’re fake.
This means that, with the fake bills flagged as counterfeit, those bills will then be pulled from the business’ profits and likely reported to the police. Meanwhile, the thief who spent the counterfeit bills takes off with whatever they purchased without exchanging any real dollars, which represents a financial loss for the business.
In the case of Emmanuel’s 7-Eleven store, the cashier used the store’s money to top up the thief’s Cash App account, assuming that the bills received could then be deposited into the store’s bank accounts. But after the bills were flagged as counterfeit and reported to police, the store essentially topped up the scammer’s Cash App account for free.
Unfortunately, counterfeit money is an issue that stretches much further than the city of Philadelphia.
According to the Federal Reserve, the number of counterfeit bills in circulation throughout America has fallen since 2006, but there are still plenty of fake bills out there. In fact, one in 40,000 bank notes circulating the U.S. is reportedly counterfeit — which, pooled together, would represent about $30 million — and the most commonly counterfeited bank note in the U.S. is the $20 bill.
Once a retail store accepts counterfeit money, the store won’t be able to trade the fake bills for real ones. Businesses that are scammed into accepting counterfeit bills should contact their insurance provider to see if the financial loss is covered under their policy.
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How to spot counterfeit bills
Spotting the difference between a real and a counterfeit bill may be getting more difficult, but it’s not impossible. If you run a retail business like Emmanuel, your best bet is to learn how to spot a fake bill and teach the telltale signs to your employees.
Here are several ways you can spot counterfeit bills:
Feel the bill: A lot of people who handle cash regularly, such as cashiers, can often tell what a fake bill feels like just by its texture. Genuine bills tend to have slightly raised ink. If possible, take out a legitimate bill from your wallet and try to get a sense of what a genuine U.S. bank note feels like.
Compare the bill with a genuine note: If you’re still unsure, check the bill in question with one in the same denomination that’s genuine. Doing so can give you a baseline in which you may be able to tell if the bill in question is fake.
Hold the bill up to a black light: Many retailers use black light machines, also known as ultraviolet (UV) light machines, to detect fake bills. These machines are a fairly common security measure due to their ability to highlight the security features on legitimate bills that are often missing on counterfeit bills.
According to the Federal Reserve, “If authentic, the security thread in the bills will glow: the $5 bill glows blue, the $10 bill glows orange, the $20 bill glows green, the $50 bill glows yellow and the $100 bill glows pink.”
Look at the serial numbers: Many counterfeit bills tend to have serial numbers that aren’t evenly spaced or don’t line up properly. Some thieves may even use the same serial numbers for a stack of bills, so if you notice the same serial number on several bills, they’re likely fake.
Check the security features: With the exception of the $1 bill, you can spot security features that can let you know if the money is genuine or counterfeit. For example, you should be able to spot the security thread, which is embedded in the bill running from top to bottom. The printing in the security thread should say “USA,” followed by the spelled-out denomination of the bill.
Other security features include a watermark, as well as shifting colors when you tilt the bill back and forth. The Secret Service has a resource that can help you spot these specific security features.
Check for colored fibers: You should be able to see small red and blue fibers on the paper. With counterfeit bills, the colored fibers may appear to be drawn onto the paper, as opposed to genuine bank notes where the colored fibers appear to be part of the paper.
If you believe you were duped into accepting counterfeit money, contact the police immediately and give them as much information as you can. This information should hopefully include what the person who gave you the money looked like, as well as what car they may have driven to and from the scene of the crime. Any potential security footage that may have documented the crime should also be given to the police.
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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
